Last checked at 10 Apr 2013 07:00
PORT ERIN BIOPHARMA INVESTMENTS LIMITED("Port Erin" or "the Company")Director's Dealing and Issue of Equity
Port Erin, the AIM listed company focused on investing in the biotechnology and biopharmaceutical sectors, was informed that the Chairman, Jim Mellon, purchased 200,000 Ordinary Shares at an average price of 7.5 pence per share on 8 April 2013. The Company was further informed that Galloway Limited had acquired 2,000,000 Ordinary Shares at a price of 8.00 pence per share on 8 April 2013.
Galloway Limited is wholly owned by a trust in which Jim Mellon, Chairman of the Company, has a life tenancy. Denham Eke, a Director of the Company, is a Director of Galloway Limited.
Port Erin also announces that in consideration of the fee due to Shellbay Investments Limited for the provision of the services of the Company's Chairman, Jim Mellon, it has today applied to AIM requesting the admission of 864,836 new Ordinary Shares of 0.0001 pence. The fee is calculated at 15% of the increase in NAV over the offer price at the time of the Company's listing and payable in new Ordinary Shares at the closing bid price on 8 April 2013, being 7.0 pence.
AdmissionApplication will be made for the admission of the 864,836 new Ordinary Shares to trading on the AIM Market of London Stock Exchange plc. It is expected that admission will become effective and dealings will commence in the new Ordinary Shares on 15 April 2013.
On admission to trading of the 864,836 new Ordinary Shares, the Company will have 33,864,836 Ordinary Shares with voting rights in issue. Jim Mellon will have a notifiable holding of 9,824,836 shares representing 29.01% of the issued Ordinary Shares of the Company.
ENDS
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